Economic Impact Study Services

The Vendor is required to provide to conduct a comprehensive economic impact study of a season of regatta events (70+/-) which take place in city annually.
- The Commission seeks to qualify for the City the economic benefits generated by the events. 
- The information provided in the study will inform investment, and provide data for future strategic planning.
- An economic impact analysis is needed to accurately measure the total effect on the City’s economy.
- Perform the following, plus additional services as may be deemed necessary to provide a comprehensive review of the economic value, and any positive or negative impacts to the City from regatta racing events.
- This study should include all regattas and marine racing events that happen over the course of an entire season, falling between the dates of May 1st and October 15th, and shall provide data on each individual event as well as the aggregation of all events.
- Data collection plan: Develop a methodology for collecting event-specific data, including participant and spectator spending surveys, organizer expenses, and volunteer activities.
- Economic impact modeling: Utilize an industry-accepted economic model to calculate the total economic impact over the course of an entire season.
- Direct impact analysis: Measure the initial expenditures resulting directly from the event.
- Community engagement plan: Develop an approach for engaging the wide array of stakeholders involved in the regatta(s) and those that see impacts.
- Spectator spending: Incremental spending by out-of-town visitors on lodging, food, retail, transportation and entertainment.
- Impacts to city: All cost related to time spent by city employees, and cost of any environmental impacts.
•    Indirect and Induced Impact Analysis: Calculate the secondary effects of the initial spending as it circulates through the City’s economy.
•    Fiscal Impact Analysis: Report on the tax revenue generated for the City and State.
•    Job Creation Analysis: Quantify the number of jobs supported by the event, including both direct and indirect employment.
•    Community Benefit: Identify any additional community benefit indicators.
•    Comprehensive Report: Produce a final written report detailing the methodology, data and findings in a clear, concise format. The Report shall include an executive summary and be suitable for presentation to the City Council, and public and private stakeholders.
- Participant spending: Expenditures by participants on event fees, equipment and local services. Add slip rentals, transient dockage, mooring occupancy, and service revenues as data points.